It is the first step in strategic alignment. And as our 2016 research report details, the first step to accelerated revenue growth.
But effective market research is much more than just gathering customer data. It’s a deep understanding of market, accounts, buyers and users.
Effective market research enables you to:
- Understand customer behavior and the buyer’s journey
- Find out what your competitors are up to
- Decide what products you’re going to offer
- Identify opportunities and nail down pricing
So how does market research contribute to successful strategic alignment in 2016? Market Research is the first step in successful strategic alignment.
External Strategic Alignment Is the Linchpin:
A winning strategy considers both internal and external factors.
A company can only achieve strategic alignment by linking internal strategies with external market conditions. Successful companies utilize market research to better understand the markets in which they compete.
According to our research, 91% of companies failed to do this.
Executives often determine what their customers need by talking to one another. Talking only to other executives will never give you a clear view of your market.
You must understand customer behavior by getting feedback from real customers.
Then create buyer personas that guide internal strategies. Only then can those internal strategies be effective in the marketplace.
Using Market Research to Set and Hit Goals:
You can translate market research data into revenue targets.
Market research helps you understand the problems of your customers. It also:
- Validates that the market will pay for the product you are launching
- Enables you to create more targeted marketing campaigns
- Helps you understand how your customers want to buy from you
- Helps you understand how customers want to engage with your company
Optimize Your Operations:
A strong market research program enables you to monitor business holistically. It’s powerful to learn more about what customers want and need. But the external market can have remarkable insight about your company internally, too.
This insight can be used to:
- Identify organizational problems
- Identify points of customer-experience failure
- Learn how your brand is truly perceived
- Pinpoint winning behaviors within your organization and across the company
- Recognize up-selling and cross-selling opportunities
Market research enables you to leverage best practices to get results faster. It is the foundation for intelligent business decisions. That includes creating and executing your marketing strategy.
We go over this in depth in the 2016 Workshop. We dive deeper into market research and how it impacts your marketing strategy. Register for the Workshop here and we’ll contact you to schedule a time to meet.